{"id":13244,"date":"2015-10-11T07:32:22","date_gmt":"2015-10-11T12:32:22","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13244"},"modified":"2015-10-11T07:32:22","modified_gmt":"2015-10-11T12:32:22","slug":"the-economist-rings-out-cognitive-dollar-dissonance","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13244","title":{"rendered":"The Economist Rings Out Cognitive Dollar Dissonance"},"content":{"rendered":"<h3><a href=\"http:\/\/www.zerohedge.com\/news\/2015-10-10\/death-cognitive-dollar-dissonance-remonetization-gold\" target=\"_blank\"><u><strong>The <em>Economist<\/em> Rings Out Cognitive Dollar Dissonance<\/strong><\/u><\/a><\/h3>\n<p>Two years ago, prior to travelling to Sydney to present at the Annual Precious Metals Symposium, I prepared an article for the Gold Standard Institute Journal titled\u00a0<em>Cognitive Dollar Dissonance: Why a Global De-Leveraging Requires the De-Rating of the Dollar and the Remonetisation of Gold<\/em>\u00a0(see\u00a0<a href=\"http:\/\/www.goldstandardinstitute.net\/wp\/wp-content\/uploads\/2013\/10\/TheGold-Standard34.pdf\" target=\"_blank\">here<\/a>). This article<strong>\u00a0highlighted the growing inconsistency between those arguing on the one hand that the dollar\u2019s role in international trade and finance was clearly diminishing; yet denying that it was in any danger of losing the near-exclusive monetary reserve status it has enjoyed since the 1940s.<\/strong><\/p>\n<p>This apparently contradictory yet mainstream thinking about the future of the international monetary system continues to the present day. Indeed, earlier this month the\u00a0<em>Economist<\/em>\u00a0magazine ran a special feature on\u00a0<strong>fading US economic power replete with dollar dissonance<\/strong>. The experts cited note the accelerating trend towards bilateral trade settlement, say between Russia and China, who plan to finance their multiple \u2018Silk Road\u2019 infrastructure projects using their own currencies and their own development bank (The Asian Infrastructure Investment Bank or AIIB: See\u00a0<a href=\"http:\/\/www.aiib.org\/\" target=\"_blank\" rel=\"nofollow\">http:\/\/www.aiib.org\/<\/a>). They also observe that Russia, China and the other BRICS are no longer accumulating dollar reserves (although curiously overlook that they continue to accumulate gold).\u00a0<strong>They acknowledge that not only the BRICS but many other countries have repeatedly expressed their desire that the current set of global monetary arrangements should be restructured in some way, although they are not always clear as to their specific preferences.<\/strong><\/p>\n<p>Note the sharp contrast in these two paragraphs, both on the very same page of the Economist feature:<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Economist Rings Out Cognitive Dollar Dissonance Two years ago, prior to travelling to Sydney to present at the Annual Precious Metals Symposium, I prepared an article for the Gold Standard Institute Journal titled\u00a0Cognitive Dollar Dissonance: Why a Global De-Leveraging Requires the De-Rating of the Dollar and the Remonetisation of Gold\u00a0(see\u00a0here). This article\u00a0highlighted the growing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1860,130,2675,1769,200,994,7576,291,305,366,434,452,505,522,534,954,9767,647,662,679,3303,9620,4318],"class_list":["post-13244","post","type-post","status-publish","format-standard","hentry","category-economics","tag-brics","tag-china","tag-cognitive-dissonance","tag-corruption","tag-default","tag-endgame","tag-etc","tag-fail","tag-federal-reserve","tag-global-economy","tag-international-monetary-fund","tag-japan","tag-market-share","tag-middle-east","tag-monetary-policy","tag-money-supply","tag-nobel-laureate","tag-precious-metals","tag-quantitative-easing","tag-reserve-currency","tag-stagflation","tag-the-economist","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13244"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13244\/revisions"}],"predecessor-version":[{"id":13245,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13244\/revisions\/13245"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}